
Market Wrap - August 2016
30 September 2016
I would like to say welcome to Spring – the best time of year in Canberra! Unfortunately, record rainfall has made the city a little depressing.
Whilst the weather has been poor the sales market has been very strong.
We have had large numbers through all our open inspections especially established houses. We have also witnessed an increase in apartment sales compared to this time last year.
The rental market has remained steady and we are hoping for a big Summer Season with the majority of immigration to Canberra occurring from December onwards.
Below are the latest statistics for your perusal. Like always if you want to catch up about the current market or discuss any of your property requirements, feel free to give us a call.
Let’s hope the weather improves during October.
SALES
QUICKEST SELLING SUBURBS
Houses
- Hackett, 14.1 days
- Palmerston, 19 days
- Downer, 19.2 days
- Royalla, 20 days
- Page, 21.6 days
- Dickson, 22 days
- Isaacs, 23.3 days
- Red Hill, 24.2 days
- Yarralumla, 24.2 days
- Rivett, 24.3 days
Townhouses/Apartments
- Forde, 16.7 days
- Flynn, 21.5 days
- Ainslie, 23.3 days
- Holder, 28.3 days
- Nicholls, 31.2 days
- Fadden, 34 days
- Hawker, 34.1 days
- Amaroo, 35.5 days
- Ngunnawal 36.3 days
- Downer, 41.3 days
MEDIAN HOUSE PRICE FOR AUGUST 2016
Property Type |
Median |
All |
$529,000 |
Houses |
$598,725 |
Townhouses |
$428,000 |
Apartments/Units |
$360,000 |
*Median price is based on sales over the quarter. Trends are based on the moving median price change.
DAYS ON MARKET
District |
All Houses |
All Townhouse/Apartments |
Belconnen |
46.6 |
144.9 |
Greater Queanbeyan |
110.2 |
128.4 |
Gungahlin |
63.1 |
83.3 |
Molonglo Valley |
137 |
75.1 |
North Canberra |
31.1 |
90.8 |
South Canberra |
48.2 |
128.4 |
Tuggeranong |
61.6 |
112.3 |
Weston Creek |
36.1 |
28.3 |
Woden Valley |
56.7 |
153.4 |
TOP 5 AFFORDABLE SUBURBS
Houses |
Townhouses/Apartments |
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* Property affordability is calculated by comparing average salary to median price, inclusive of all residential sales including ACT Governments land rent scheme.
RENTALS
REGIONS - AVERAGE DAYS ON MARKET
District |
Houses |
Townhouses & Apartments |
Belconnen |
24.4 |
27 |
Greater Queanbeyan |
40.1 |
23.7 |
Gungahlin |
23.1 |
21 |
North Canberra |
28.4 |
25.2 |
South Canberra |
38.2 |
30.7 |
Tuggeranong |
23.3 |
27.6 |
Weston Creek |
30.7 |
31.2 |
Woden Valley |
27.5 |
26.5 |
1231 residential properties rented
- Annual decrease of -3.5%
- Quarterly decrease of – 11.1%
- Monthly increase of +3.7%
ACT and Queanbeyan median rent was $430
- Annual increase of +7.5%
- Monthly increase of +2.4%
1129 newly listed residential properties
- Annual decrease of -2.6%
- Quarterly decrease of -12.7%
- Monthly increase of +1.3%
On average a property spent 26.7 days on the market (time listed to rented)
- Annual decrease of -28%
- Monthly decrease of -1.7%
Comparing the demand during the Aug-15 quarter to the Aug-16 quarter
- Rental prices made strong gains across the month forcing tenants to a higher price point
- The proportion of tenants leasing property priced below $400 a week has declined across the year
- The highest proportion of tenants leased properties at a higher price point of between $400 and $500 a week during the August 2016 quarter.
DATE SOURCE: Allhomes.com.au